4 ms·

What exactly is the problem with a downpayment on a 350k (or, heck, 500k) unit? Obviously there are exceptional circumstances, e.g. you're supporting multiple

What exactly is the problem with a downpayment on a 350k (or, heck, 500k) unit? Obviously there are exceptional circumstances, e.g. you're supporting multiple people on your salary alone, which might make it difficult to save up 70-100k quickly. But if you're single, your annual after-tax take-home is ~95k, assuming you max out your 401k contribution, and ~110k, assuming you don't contribute at all. Saving 50% of that does not even require living particularly frugally. That gets you to the top-end of the required down payment in 2 years.

t-writescode 5y ago
In 2 years, the housing prices will be even higher. I just presently don't have much saving, but that's what I'm planning on doing, yes - well, not saving 50%, I do spend more than that per month; but saving at a fast rate. Even with saving, though, I should probably save at least one more year to have an emergency fund again, so it's probably more like 3 years, but your point still stands.